Surveys gauging growth or contraction in Midwest manufacturing. (REUTERS)
The Chicago Business Barometer, the Institute for Supply Management-Chicago’s gauge of manufacturing activity in the Midwest region fell to 47.6, down in February from 55.6 the month prior. Wall Street expected a much shallower decline to 53. Readings above 50 point to expansion, while those below indicate contraction.
“If one looks beyond the gyrations seen over the past three months then trend activity has been running a little below the 50 neutral mark, highlighting continued sluggish activity levels, with manufacturers under particular pressure,” Chief Economist of MNI Indicators Philip Uglow said. “Still, given the weakness in Q4, it looks like activity should pick up during Q1.”
